[BigV]

NOT oversimplified.

The magic words to make this spell a reality are "Asset Protection Trust".

Until 1987 (?) it was not legal anywhere in the US to created a trust for the benefit of oneself. Well, Alaska changed their state laws to permit such a trust, and seven more states followed suit since then.

The upshot of the the trust is that it is the owner of record of all the assets, stocks, bonds, property, maybe a car... whatever. But you still get to move the money around, and you get to drive the car. But if you're sued, you can only be sued for *your* property. Which is what, the shirt on your back maybe.

Hey, everybody should setup something like this, yeah? Well, since not every state has this legal structure in place, to set one up from wherever you live will cost thousands of dollars. More if you're out of state. And then thousands of dollars per year to have an in-state trustee manage the trust.

This is not a problem for the group of people who keep stacks of money by the fireplace for kindling (that was funny l123!), but for the diligent postman, this could be a serious drag on his lifestyle.

Now, this news comes to me on the heels of the news of the passage of the bankruptcy "reform" legislation passed by Congress today. I do not know what effect such a trust would have on the estate - heirs relationship, but I cannot imagine that such a Good Thing would be restricted to only living people. I mean the trust doesn't die, right? Like a corporation, it is immortal.